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EQUITY
 6 Months Ended
Jun. 30, 2021
Stockholders' Equity Note [Abstract]  
EQUITY EQUITY
On February 27, 2019, the Board of Directors adopted a share repurchase program for share repurchases up to $5,000 of ordinary shares (2019 Program). Under the 2019 Program, the ordinary shares are expected to be repurchased over time, depending on market conditions, the market price of ordinary shares, capital levels, and other considerations. During the three and six months ended June 30, 2021, 0.1 million and 0.6 million ordinary shares, respectively, were repurchased under the 2019 Program in the open market at a total cost of $17 and $76, respectively. During the three months ended June 30, 2020, no ordinary shares were repurchased. During the six months ended June 30, 2020, 14.2 million ordinary shares were repurchased under the 2019 Program in the open market at a total cost of $1,300.
The changes in Shareholders’ equity follow:
Ordinary sharesCapital in excess of par valueRetained earningsAccumulated other comprehensive lossShares held in trustTotal Eaton shareholders' equityNoncontrolling interestsTotal equity
(In millions)SharesDollars
Balance at January 1, 2021398.1 $4 $12,329 $6,794 $(4,195)$(2)$14,930 $43 $14,973 
Net income— — — 458 — — 458 1 459 
Other comprehensive loss, net of tax(30)(30)— (30)
Cash dividends paid and accrued— — — (309)— — (309)— (309)
Issuance of shares under equity-based compensation plans0.9 — 6 (1)— — 5 — 5 
Changes in noncontrolling interest of consolidated subsidiaries - net— — — — — — — (2)(2)
Repurchase of shares(0.5)— — (59)— — (59)— (59)
Balance at March 31, 2021398.5 $4 $12,335 $6,883 $(4,225)$(2)$14,995 $42 $15,037 
Net income— — — 506 — — 506 — 506 
Other comprehensive income, net of tax194 194 194 
Cash dividends paid— — — (304)— — (304)— (304)
Issuance of shares under equity-based compensation plans0.2 — 33 — — 1 34 — 34 
Repurchase of shares(0.1)— — (17)— — (17)— (17)
Balance at June 30, 2021398.6 $4 $12,368 $7,068 $(4,031)$(1)$15,408 $42 $15,450 
Ordinary sharesCapital in excess of par valueRetained earningsAccumulated other comprehensive lossShares held in trustTotal Eaton shareholders' equityNoncontrolling interestsTotal equity
(In millions)SharesDollars
Balance at January 1, 2020413.3 $4 $12,200 $8,170 $(4,290)$(2)$16,082 $51 $16,133 
Net income— — — 438 — — 438 — 438 
Other comprehensive loss, net of tax(676)(676)— (676)
Cash dividends paid and accrued— — — (300)— — (300)(5)(305)
Issuance of shares under equity-based compensation plans0.9 — 3 (1)— (1)1 — 1 
Changes in noncontrolling interest of consolidated subsidiaries - net— — — — — — — (3)(3)
Repurchase of shares(14.2)— — (1,300)— — (1,300)— (1,300)
Balance at March 31, 2020400.0 $4 $12,203 $7,007 $(4,966)$(3)$14,245 $43 $14,288 
Net income— — — 51 — — 51 3 54 
Other comprehensive income, net of tax157 157 — 157 
Cash dividends paid— — — (292)— — (292)(1)(293)
Issuance of shares under equity-based compensation plans0.1 — 25 1 — 1 27 — 27 
Changes in noncontrolling interest of consolidated subsidiaries - net— — — — — — — 2 2 
Balance at June 30, 2020400.1 $4 $12,228 $6,767 $(4,809)$(2)$14,188 $47 $14,235 
The changes in Accumulated other comprehensive loss follow:
Currency translation and related hedging instrumentsPensions and other postretirement benefitsCash flow
hedges		Total
Balance at January 1, 2021$(2,647)$(1,481)$(67)$(4,195)
Other comprehensive income (loss)
   before reclassifications		(92)143 48 99 
Amounts reclassified from Accumulated other
   comprehensive loss (income)		— 65 — 65 
Net current-period Other comprehensive
   income (loss)		(92)208 48 164 
Balance at June 30, 2021$(2,739)$(1,273)$(19)$(4,031)
The reclassifications out of Accumulated other comprehensive loss follow:
Six months ended June 30, 2021Consolidated statements
of income classification
Amortization of defined benefit pensions and other postretirement benefits items
Actuarial loss and prior service cost$(83)1
Tax benefit18 
Total, net of tax(65)
Gains and (losses) on cash flow hedges
Currency exchange contracts(5)Net sales and Cost of products sold
Commodity contracts5 Cost of products sold
Tax expense— 
Total, net of tax— 
Total reclassifications for the period$(65)
1 These components of Accumulated other comprehensive loss are included in the computation of net periodic benefit cost. See Note 8 for additional information about pension and other postretirement benefits items.
Net Income Per Share Attributable to Eaton Ordinary Shareholders
A summary of the calculation of net income per share attributable to Eaton ordinary shareholders follows:
Three months ended
June 30		Six months ended
June 30
(Shares in millions)2021202020212020
Net income attributable to Eaton ordinary shareholders$506 $51 $964 $489 
Weighted-average number of ordinary shares outstanding - diluted401.4 401.3 401.2 406.2 
Less dilutive effect of equity-based compensation2.6 0.9 2.6 1.4 
Weighted-average number of ordinary shares outstanding - basic398.8 400.4 398.6 404.8 
Net income per share attributable to Eaton ordinary shareholders  
Diluted$1.26 $0.13 $2.40 $1.20 
Basic1.27 0.13 2.42 1.21 
For the first six months of 2021, 0.1 million stock options were excluded from the calculation of diluted net income per share attributable to Eaton ordinary shareholders because the exercise price of the options exceeded the average market price of the ordinary shares during the period and their effect, accordingly, would have been antidilutive. For the second quarter of 2021, all stock options were included in the calculation of diluted net income per share attributable to Eaton ordinary shareholders because they all were dilutive. For the second quarter and first six months of 2020 1.7 million and 1.0 million stock options, respectively, were excluded from the calculation of diluted net income per share attributable to Eaton ordinary shareholders because the exercise price of the options exceeded the average market price of the ordinary shares during the period and their effect, accordingly, would have been antidilutive.